Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Piper Sandler Analyst Says

Okta (NASDAQ:OKTA) had its target price increased by equities researchers at Piper Sandler from $85.00 to $90.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 10.15% from the company’s current price.

Several other equities research analysts have also issued reports on OKTA. Stifel Nicolaus increased their target price on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group decreased their target price on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Truist Financial reissued a “hold” rating and issued a $92.00 price target (up previously from $80.00) on shares of Okta in a report on Wednesday. Scotiabank reduced their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Finally, Canaccord Genuity Group decreased their price target on shares of Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $101.76.

Okta Price Performance

NASDAQ:OKTA opened at $81.71 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The company has a 50 day moving average price of $75.15 and a 200-day moving average price of $84.27. Okta has a 1-year low of $70.56 and a 1-year high of $114.50. The firm has a market cap of $13.88 billion, a price-to-earnings ratio of -97.27, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares in the company, valued at $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 475,789 shares of company stock valued at $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Institutional investors have recently modified their holdings of the company. Marshall Wace LLP increased its holdings in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares during the last quarter. Eminence Capital LP boosted its position in shares of Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Primecap Management Co. CA increased its holdings in shares of Okta by 0.8% in the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after acquiring an additional 10,800 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Okta by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after acquiring an additional 17,950 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Okta by 20.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock worth $96,388,000 after purchasing an additional 178,011 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.